City Council Minutes 1984 06 05 - Laserfiche WebLink

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6/5/84 Page -10- first Sales Tax Revenue Bonds were issued in the amount of $1,000,000 to finance the downtown project, then six months 1<~ter the City decides it wants to do some downtown drainage, purchase open space, or pave a parking lot - those_sub- sE.quent bonds would be issued on a parity lE,vel so that they would have equal call on those revenues . Councilman Luce requested more details on the .4 of 1C of the sales tax revenue. Mx-. Caldwell stated this was the amount e:~timated that the downtown businesses produce in the terms of sales tax revenue to the community now on an annualized basis. This amount could change depending on what i~; done with the City's. planning and zoning practices with other commercial properties. Residential Properties Mr•. Caldwell commented that at the Steering Committee held on Saturday they discussed th.e residential properties and there are problems with the increased tax on those properties. The law states that if the property is in the Special Improvement District; that if it benefits - it has to be assessed - this does present a challenge in the City's proposed District. Mr. Cald- well stated this would take a lot of work on the part of the Committee to resolve this that will also meet the potential legal challenges down the road. He further stated there was a sizable amount of residential properties in this district; but they are zoned commercial. Parking Councilman Leary stated in terms of Phase II parking that would be initiated as the need arose. Mr. Caldwell agreed this was correct. Mr. Leary inquired if consideration was being made for the potential of one-way streets and diagonal parking. Was there any reason why the City could not proceed on those this year given their low capital costs? When are those phased into the process?